FYI: Being too far ahead of your time is indistinguishable from being wrong.”
That’s what Howard Marks, chairman and co-founder of Oaktree Capital Group LLC, wrote in a memo to clients about 11 years ago. Around that same time in late 2007, banking analyst Meredith Whitney made a prescient negative call on Citigroup Inc. that exacerbated a market sell-off and, she said, prompted death threats. Perhaps emboldened by that experience, she made another headline-grabbing prediction in a December 2010 broadcast of CBS Corp.’s “60 Minutes” program: There would be “50 to 100 sizable defaults” in the U.S. municipal market in the coming year, totaling “hundreds of billions of dollars.”
Regards,
Ted
https://www.fa-mag.com/news/meredith-whitney-was-flat-out-wrong-about-municipal-bonds-41662.html?printMeredith Whitney 60 Minutes Interview 12/19/2010:
Comments
This is a business where you have to be right only ONCE in your life and it will set you up for good.